African Barrick Gold plans Tanzania cross listing


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Sep 4, 2011


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Joined Sep 4, 2011
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DAR ES SALAAM, Sept 7 (Reuters) -
African Barrick Gold , which has four gold mines in Africa's fourth largest gold producer Tanzania, said on Wednesday it was planning to cross-list on the country's bourse by the end of this year.

The Tanzanian-focused miner, a unit of the world's largest gold miner Barrick Gold Corp, also said it was planning to double output to 2 million ounces by 2024 from a projected 1 million ounces in 2014.

'We have made a commitment to cross-list on the Dar es Salaam Stock Exchange. Our initial plan was to cross-list by the end of September,' ABG's Vice President for Corporate Affairs, Deo Mwanyika, told a news conference in Dar es Salaam.

'We are still targeting cross-listing before the end of this year and progress has so far been good,' said Mwanyika.

ABG produced nearly 700,000 ounces of gold last year, Mwanyika said, and has a resource of 30 million ounces in Tanzania.
In July, the firm posted forecast-beating output and a 54 percent jump in second-quarter income, despite setbacks including an armed attack on one of its mines.
(Reporting by Fumbuka Ng'wanakilala; Writing by Yara Bayoumy; Editing by Jon Loades-Carter)

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